This study, THE EFFECT OF MOTIVATIONAL POLICIES AND PRACTICE ON SALES FORCE IN NIGERIA BANKING INDUSTRY contains concise information that will serve as a framework or guide for your project work. The project study THE EFFECT OF MOTIVATIONAL POLICIES AND PRACTICE ON SALES FORCE IN NIGERIA BANKING INDUSTRY is well-researched for academic purposes and are usually provided in complete chapters with adequate References.
THE EFFECT OF MOTIVATIONAL POLICIES AND PRACTICE ON SALES FORCE IN NIGERIA BANKING INDUSTRY
The role in which adequate and equitable motivational policies in the life of sales force in an organization cannot be overemphasized. It leads to increased in sales productivity which will result to growth and progress of the organization in question. This study is an attempt to investigate on motivational compensation policies and practice in the First bank of Nigeria Plc. Nnewi Brach. This topic was extensively overwhelmed with a view to understanding the subject matter. Data was collected from the members of staffs of First Bank of Nigeria Plc Nnewi Branch using questionnaire. The collected data was duly presented and analyzed using Chi-square method analysis and result showed that compensation policies and practices thereby are very important in managing an organization. If compensation policies is equitable, it will lead to efficiency among employees as work force and hence increased productivity. On the other hand, if a compensation policy is not equitable i.e may be a major source of conflict in the organization. On the basis of the above result, recommendations were made on how to improve the compensation/motivational policies and practices of the organization under study.
TABLE OF CONTENTS
1.1 Background of the Study
1.2 Statement of the problem
1.3 purpose of the study
1.4 Significance of the study
1.5 Research Questions
1.6 statement of Hypothesis
1.8 Scope of the study
1.9 Definitions of the terms
2.1 Compensation and motivation policies –
2.2 Reasons for motivating sales force
2.3 Methods of remunerating and rewarding sales force-
2.4 training of sales force
RESEARCH DESIGN AND METHODOLOGY
3.1 Design of the study
3.2 Area of the study
3.3 Population of the study
3.4 Sample of the study –
3.5 Instrument for data collection
3.8 Method of data analysis
DATA PRESENTATION AND ANALYSIS
4.1 Data presentation
4.2 Analysis of research questions
SUMMARY OF FINDINGS, CONCLUSION AND RECOMMENDATIONS
5.1 Summary of the Findings
5.4 Limitation of the study
1.1 BACKGROUD OF THE STUDY
Fisher, et al (1996) noted that the system that an organization uses to reward employees can play an important role in the organization efforts to gain a competitive advantage and achieve its major objective. It is a known fact that an organization is what it pays, for the ways an organization pays its employees contains a philosophy about how they are motivated.
Hence the need for every employer of labour to have a well worked out compensation system that is able to attract and keep competent and well motivated employees.
An employee offers his service to an organization because he has wants and needs which the organization can satisfy and by so doing he helps the organization to achieve its own goal.
For the service he renders, he is rewarded if the reward is in congnience write the services he renders, he tries to give out his best at the same time retain his job. For this to happen, the employer requires proper and efficient management of their compensation system.
Employee compensations is very important in attaining the objectives of business organizations. The banking sectors are expected to formulate compensations policies which will satisfy the economic needs of their employees so that they can contribute to the attainment of the objective of the organization.
For employees to contribute positively to the fulfillment of the objectives of the banking industry, the bank(s) should formulate compensation policies which will satisfy the economic needs of the employees.
There are basically three types of compensation policies in organizations. They are basic, variable and supplementary otherwise referred to as fringe benefits. They all have different functions in the business organizations.
In the Nigerian banking sector, employees pay package is quite encouraging as compared with other sectors of the economy. It is enough to meet his/her expected expenditure even if they rate boxers. The issue of strikes here and there (every time) is not in the book of the Nigerian banks.
However, it has been noted that the employees level of contentment in his./her job greatly affect his/her productivity.
1.2 STATEMENT OF PROBLEM
The problem of this research bother on the investigation of the compensation policies and practices in the Nigerian banks industry. On the basis of the knowledge gained from this study, some recommendations can be made on how to improve organizations stability and practices. If the workers feel that the compensation policies of the organization are not satisfactory, they usually confront management. This may be major source of instability which may affect the employee productivity and consequently affect the sustainability of the organization.
First Bank engaged in the business of commercial Banking. The mission statement of First Bank is to remain true to their name by providing the best financial services possible.
Incorporate in 1894 and head quartered in marina, the heart of Lagos. First international; branch was opened in Accra in 1896. Opened second branch in Freetown, Sierra leone in 1898. In 1912 Calabar branch was opened by King Jaja of Opobo the second branch opened in today’s Nigeria and Zaria branch was also opened in the same year as the First Bank branch in what is today’s Northern Nigerian. The bank was shown business leadership since, its inception, having acquired Anglo-African Bank in 1912, its competitor in the very first M&A recorded in this region. 1914 saw the amalgamation of Northern and Southern protectorates- First Bank had branches in what would today be Kano, Zaria, Calabar, Lagos, and Ibadan. In 1947 advances the first long term loan to the colonial government. A demonstration of our long term commitment to national development. Changes name from BBWA Bank of British West Africa to bank of West Africa (BWA) to truly reflect the regional identity of the bank. 1960 at Nigerian’s independence advances the first ever loans to the citizens of the independent Nigeria. Birth of true retail banking. 1963 operates 114 branches across West Africa when Nigeria became a republic. In 1955, it adopts the name Standard Bank of West Africa, following its merger with Standard Bank Uk. In 1969, incorporates locally as Standard Bank of Nigeria Limited, in line with the companies decree of 1968. In 1979, changes name to First Bank of Nigeria Limited. 1982, London Branch established to foster international banking relationship for Nigerian and foreign business alike. In 1991, changes names to First Bank of Nigeria Plc, following the Bank and other financial institution decree (BOFID). (1991), first ATM introduced in 35 marina as part of ease of convenience, round the chock Banking. In 1994, the bank is a hundred years old, a feat for any branch even today. Birth of the popular and legendary “First Bank O una well done O, una do well O” (centenary cooperate campaign) URL to jingle and celebrated newspaper article on the centenary. In 1996 commences business transformation project code named “Century 11”, to strategically position for its next century to operations. 1999 a former M.D of First Bank was appointed CBN governor. 2001, revalidates business transformation project code named “Century 11”: the ne frontier to revolutionize the banks operations in line with the banks brand, leverage and strengthen the banks branch, leverage and heighten the customers experience and project Fist bank and sophisticated ad dynamic.
In 2002, establishes FBN Bank (UK), regulated by the FSA, the first Nigerian Bank to own a wholly fledged bank in the Uk. Established first international subsidiary of a Nigerian owned bank in the UK in 2002. 2004, the Nigerian stock exchange annual presidents merit award for the 2003 financial year. In 2005, acquires two banks- MBC international Bank ltd and FBN Merchant Bankers) ltd and increase capitalization to #25 billion. 2007, introduces the innovative finance credit administration software, being the First Bank in Africa the Pioneer the service and also establishes a global custody business, emerging as the First Nigerian owned Bank to offer such services. In 2008. The first Nigerian Bank and indeed the Firs quoted company in the country to hit the #2 trillion market capitalization. In 2010, First Bank becomes the first organization in Nigeria to be granted notable international standardization certification: the prestigious information security management systems (ISMS) which are the world’s highest accreditation formation protection and security. In 2011, establishes First Bank representative office in Abu Dubai, UAE, launches First Biometric ATM in Nigeria etc. announced the successful completion of the acquisition of ICB assets in Guinea, Gambia, Sierra Leone and Ghana in November 2013 as part of an ongoing Pan African expansion programme.
1.3 PURPOSE OF THE STUDY
The major purpose of this study is to identify, evaluate and analyze the compensation policies and practices in the Nigerian Banking industry, to see how effective they are in promoting these under listed purposes:
1.4 SIGNIFICANCE OF THE STUDY
The role which compensation plays in the productivity of the employee cannot be underplayed. The banking industry should try as much as possible to attain higher organizational productivity by helping their employees to accomplish their own personal objectives. This can be met by setting a workable compensation policies and practices for the benefits of their employee. Compensations and incentives bring happiness to employees opportunity to make use of their skill, accumulate wealth, security and help them develop feeling of equality with their mates.
In the view of contemporary utilitarian philosophies, sustainable (job) wealth, security and equality and factor s that can contribute towards happiness. So here in Nigeria, there is need to design adequate incentives strategies in the banking industry. The finding of this work will be very relevant to the Nigerian Banking Industry policy makers, mangers who need effective planning strategy, personnel managers etc.
1.6 RESEARCH QUESTIONS
The relevant research questions to be answered by research hypothesis of the study include the following:
1.7 STATEMENT OF HYPOTHESIS
Ho: compensations of sales force in First Bank Nigeria Plc, does not lead to dissonance with management.
Hi: Compensation of sales force in First Bank Plc. Leads to dissonance with management
1.8 SCOPE OF THE STUDY
Motivational policies and practices is a very broad topic. No consensus has been reached about the concept but it is believed that every human activity involves motivational policies and practices. The scope of this research project will therefore be limited to evaluating the effectiveness of motivational policies and practices on sales force in Nigeria banking Industry (First Bank) Plc. It also focus on factors that aid effective motivational policies and practices in the banking industry. The study will also be extended to find out whether motivational policies and practices process has any effect on sales force of the banking industry.
1.9 DEFINITIONS OF SOME BASIC TERMS
Banking deal with the principles, institutions, instruments, and procedures involved in making payments of all types in our economy. It is also concerned with making available for investment, business and government money that has been saved.
TYPES OF PAYMENTS
Industries otherwise called business organizations generally are associations of human beings working co-operatively towards common objectives under authority and leadership.
According to Scott (1968), a financial organization is a system of coordinated activities of a group of people working co-operatively towards a common goal, under authority and leadership.
Compensations on its own may be defined as remuneration or reward for human services utilized in the process of production. In its broad sense, the money, goods and/or services the employer provides to the employees constitute the employees compensations system.
Tosi and Carrel (1982) also see reward or compensations as payments to persons such as wages salaries, pay increase, promotion increase recognition, status and other social rewards. They want further to explain that rewards also include permission to use certain organizations resources generally limited to a selected group such as access to organizations vehicle the guests houses etc. which means that compensations include both intrinsic and extrinsic rewards.
Organizations operate or formulate three types of compensations policies. These are basic, variable, and supplementary or fringe benefits compensations policies.
Thai is the basic salary that is paid to a worker. This is the salary advertised by an organization during the period of recruitment. It aims at attracting workers to the organization. The major requirement of basic salaries of workers is that they must be equitable.
Variable compensation is motivational and it aims at directing a worker towards superior performance. It is used when extra performance are expected from employees example is overtime which starts at the end of the day’s work also when workers are called back during the public holidays eg. Christmas, Easter etc. extra compensation is necessary
Supplementary (Fringe Benefits)
Supplementary compensation or fringe benefits are extra payments made to workers fringe benefits can be in form of money or material eg. Medical services, Caterair services, Christmas bonus etc. the major functions of supplementary compensation is that it helps to retain employees on the job and they won’t consider looking for other jobs as alternatives when they are frustrated with the situation or the other.
Some principles of fringe benefits are:
The Concept of Employer
An employer is one who purchases labour or its service at some price for the achievement of objectives and goals. An employer can be a business organization of different types; other institutions etc. there are two broad other institutions etc. there are two broad public categories of employers, the private and the public employer. The public employers include the government, business organizations of the government often called public organization in which the government shares operations with private capital.
The Concept of Employee of Worker
An employee or worker is defined in the Labour Decree of 1973 as a person who has entered into or is working under a contract service to apprenticeship with an employer whether by a way of manual labour, clerical work or otherwise and whether the contract is expressed or implied made orally or in writing and whether it is a contract of service or a contract personally to executed any work of labour.
Equity is concerned with felt justice according to natural law or right. According to onwuchekwa (1995) equity means justice and fairness.
Have you made payment for this project? If YES, Get a Download Code by contacting our Customer Care.
If NO, Place an Order Now.